Question

describe the procedure from journal to final accounts under double entry system​

Answer 1

Answer:

The information from the documents is recorded into journals. The data is taken from the journals and entered (posted) into ledgers. Each ledger contains various accounts, listed in the chart of accounts. ... The accounts are balanced by using debits and credits, which is the core foundation of double-entry bookkeeping.

Answer 2

Answer:

Double-entry accounting and double-entry bookkeeping both utilize debits and credits to record and manage financial transactions.

Explanation:

Double-entry accounting and double-entry bookkeeping both utilize debits and credits to record and manage financial transactions.

At its core, double-entry accounting exists based on the accounting equation, which exists:

Assets = Liabilities + Owner’s Equity

How double-entry accounting functions

• Step 1: Create a diagram of accounts for posting your financial transactions.
• Step 2: Enter all transactions utilizing debits and credits.
• Step 3: Provide each entry includes two elements, a debit entry, and a credit entry.
• Step 4: Check that financial statements exist in balance and reflect the accounting equation.

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